An Exploration Of Automated A/R Solutions For The C-Suite
A/R Solution
The pursuit of innovation has long catalyzed the growth of corporate finance departments. With the advent of automated A/R solutions, the C-Suite have found contemporary method to streamline the Order to Cash process. But what actually brings forth successful automated A/R solution?
Automated accounts receivable solutions operate to eliminate manual data entry through the use of technology. By leveraging automation, corporations are able to save time spent on mundane tasks, decrease errors, and provide customers with resources to make purchases rapidly and securely. Furthermore, automation allows for greater visibility into accounts receivable?allowing C-Suite executives to have an intimate understanding of financial performance.
Given these benefits, it is no surprise then that many organizations seek complete and integrated A/R solution for their order-to-cash cycle. There are several steps to setting up such solution:
1. Establish Centralized Database: The first step to gaining end-to-end control over your A/R process is to set up centralized data repository. This involves organizing all customer and account data, developing process for maintaining accuracy and integrity of the data, and creating data-driven reports to keep all stakeholders abreast of progress and performance.
2. Automate Invoice Creation Distribution: Automating the creation and distribution of invoices eliminates archaic manual paper-based processes. Automation software allows A/R practitioners to program their invoice templates and send bulk invoices quickly and efficiently.
3. Streamline Payment Collection: This involves setting up payment acceptance channels that run programs that deliver real-time payment updates. Automated payment reminders will help keep customers on-track with their payments, while A/R teams can rest assured that no payment slips through the cracks.
4. Integrate with Business Intelligence Platforms: Business intelligence platforms allow A/R teams to monitor payment success, determine trends, and swiftly respond to payments exceptions. Furthermore, C-Suite executives can quickly visualize and analyze the health of their entire A/R cycle? all from single interface, from central location.
As with any finance project, all implementations should be tailored to the corporation?s unique business model. Data must be accurately collected and digested to ensure that stakeholders can acquire timely, meaningful reports. Taking the time to understand specific capabilities and shortcomings of technology before selecting vendor, will ensure the best fit possible.
Over the years, the automation of A/R processes have become necessity to remain competitive in modern markets. Automating the A/R process makes it easier to process more transactions with less effort, delivering accurate and secure data across the entire organization. With such an automated and integrated A/R solution, C-Suite executives can make informed decisions that foster long-term financial health, built off of authenticated data received through an efficient and secure process.
